Every rental property owner shares the same dream: to own a property that provides a steady flow of income with the least amount of intervention needed. Whether it’s your first foray into being a landlord or you’re a seasoned real estate investor in southern Connecticut, the truth is that owning rental property is a full-time job. It is easy to quickly become overwhelmed by shear financial commitment and never-ending list of responsibilities that come with owning rental property. It becomes very clear why many owners turn to property management companies in New Haven for assistance. But before you make such an important hiring decision, it’s best to get an understanding of what exactly is a property manager and what they are typically responsible for when hired to manage your property.
What do Professional Property Managers Really Do?
A property manager is a third party hired by a property owner to manage the day-to-day operations of a rental property. Although the exact responsibilities of a property manager will vary based on the type of property they are managing (single-family home or multi-unit complex), the terms of the management contract, and the level of involvement you desire them to have, there are common tasks you can expect a property manager to oversee. When researching property management companies, New Haven rental owners should make sure that any property manager they are interested in hiring offers the following services as a standard part of their business:
1- Help You Determine Appropriate Rent Rates and Targeted Marketing Strategies.
By researching the local market and evaluating the rates of comparable rentals, your property manager should be able to provide you with a fair market rental rate estimate to ensure that your property will rent at the right price. Once that’s been established, a good property manager will offer suggestions for targeted advertising to effectively market your rental property so that you can fill your vacancy quickly with the best tenants possible.
2- Pre-screen Tenant Applicants.
Your property manager should have an established screening process for all calls and applications associated with your rental and provide property tours for prospective tenants. They should perform exhaustive background checks, income verification and ask qualified applicants for references from employers and former landlords. They should follow up with all applicants with application status updates.
3- Manage Rent Collection.
At Real Property Management Southern Connecticut, one of the premiere property management companies in New Haven, we know that efficient rent collection is one of the most helpful services that a property manager can provide. When a tenant moves in, your property manager should provide tenants with a clear understanding of the firm but fair rent payment policy. Setting up an online rent payment system for tenants and offering direct deposit for property owners is the mark of a quality property manager. That’s why we give tenants 24/7 access to an online payment portal that makes it easy for them to pay their rent on-time while the owner portal provides detailed financial reports that can be accessed from anywhere, anytime.
4- Provide Regular Inspections and Oversee Property Maintenance.
You property manager should make sure that your rental property is regularly inspected or reviewed. Conducting inspections on a quarterly or semiannual basis to ensures that you keep ahead of problems before they turn into expensive repairs.
As standard procedure, RPM Southern Connecticut trains their managers to take photographs of the rental and outline a regular schedule of reviews at the time of lease signing, where this schedule can be clearly communicated to the tenant. Renters should be given at least 24 hours’ notice while detailing the length, purpose, and timing of the visit as this is considered good business practice. Knowing that potential problem areas will each be carefully checked for issues communicates a proactive attitude towards the care of your property. Renters will learn to help watch on their own for potential problems to catch these problems early so that they don’t evolve into expensive repairs. Property management companies in New Haven, like RPM Southern Connecticut, can help rental owners identify these maintenance problems while they are small and still an easy fix at little cost with our extensive network of maintenance repair providers and partner discount program.
Regular reviews can only benefit your New Haven rental property situation, protecting both you and your tenant. It gives you the opportunity to make sure your rental is not in any code violation, it keeps you aware of any landlord/tenant issues, and helps you monitor real estate regulation compliance.
5- Conduct Move-outs and Handle Evictions
When a tenant moves out, the manager is responsible for inspecting the unit, checking for damages and determining what to deduct for repairs required (beyond normal wear and tear) from the tenant’s security deposit. After move out, they are responsible for finding a new tenant.
When a tenant does not pay rent or otherwise breaches the terms of a lease, a good property manager have an in-depth knowledge of statewide and national laws regarding the proper ways to file and move forward with an eviction.
6- Managing the Budget and Maintaining Records for Tax Purposes
Depending on your level of desired involvement, a property manager can be responsible for managing the budget for your rental as well as maintaining clear and thorough documentation of all important records. This should include all income and expenses; list of all inspections, signed leases, maintenance requests, any complaints, records of repairs, costs of repairs, maintenance costs, record of rent collection and insurance costs. This is especially helpful when it comes time to file your taxes for the property or at least direct you to a qualified CPA who specializes in rental property tax regulations.
Working with One of the Best Property Management Companies New Haven to Offer
This continuous rental cycle can be very time consuming and a drain on your resources if you are inexperienced. Working with a property manager from a company like RPM Southern Connecticut means you’ll have more free time and less stress because your property manager is trained to handle the daily minutia of owning real estate investment properties. When you partner with RPM Southern Connecticut, you’ll have access to resources that only a company with more than 25 years of experience in property management can provide. Call us today and see how we can help you streamline the management process with the help of our highly trained and friendly property managers.